Churchill Capital (NYSE:CCIV) stock is on the rise Thursday despite a lack of news concerning the special purpose acquisition company (SPAC).
While Churchill Capital isn’t saying much today, it doesn’t have to. CCIV stock has been on an upward trend for about a month now as investors anticipate the upcoming SPAC merger with Lucid Motors.
Investors are rallying around green stocks lately and that includes electric vehicle (EV) plays. So while CCIV isn’t technically a green stock yet, it’s on its way to being one with the planned merger with Lucid Motors.
Other companies that have been seeing similar gains this month include Nio (NYSE:NIO) and Arcimoto (NASDAQ:FUV). It’s worth pointing out that when some stocks in a market rise, they pull other stocks up along with them, reports The Motley Fool.
This has some investors looking to get in on CCIV stock before that merger closes. The idea here is that once the deal reaches completion, shares of CCIV will head higher after switching over to the Lucid Motors ticker.
To go along with this, Churchill Capital is seeing a decent amount of trading today. As of this writing, more than 8 million shares of the stock have changed hands. That’s still below its daily average trading volume of about 14.3 million shares but isn’t bad for midway through the day.
CCIV stock was up 3.5% as of Thursday afternoon and is up 158.4% since the start of the year.
Churchill Capital isn’t the only company that is seeing its shares moving on Thursday.
There are lots of other stocks on the move that are worth talking about. That includes the stocks seeing the biggest gains today, as well as Luminar Technologies (NASDAQ:LAZR) and 890 5th Avenue Partners (NASDAQ:ENFA), which are both getting boosts today. You can find out more about these stocks by following the links below!
More Stock Market News for Thursday
- Midday Market Update: 10 Biggest Stocks Gainers Today
- LAZR Stock: The Volvo News That Has Luminar Technologies Investors Smiling Today
- ENFA Stock: 10 Things Potential Investors Should Know About the BuzzFeed SPAC Merger
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.